A Nonprice Determinant of Demand Refers To

question 1

Multiple Choice

A nonprice determinant of demand refers to:

• A)something that affects the price other than demand.
• B)something that affects demand other than the price.
• C)something that determines how large a role prices play in the demand decision.
• D)something that determines how prices are affected by income.

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Definitions:

Division of Labor

is the allocation of different tasks and responsibilities to different individuals or groups, typically to increase efficiency and productivity.

Status Inconsistency

Occurs when an individual's social positions have both high and low ranks, leading to a disparity in their expected social status.

Role Conflict

The stress or strain experienced by an individual when confronted with incompatible demands, obligations, or expectations across different social statuses or roles.

Ascribed Status

A status determined at birth.